Amedeo Air Four Plus (AA4) H1 2026 earnings summary

Executive summary

• All scheduled lease payments were received during the period, with Emirates and Thai Airways as primary lessees.

• Thai Airways successfully exited court protection and resumed trading, while Emirates continues to express long-term commitment to A380s.

• The company is focused on maximizing shareholder returns through asset liquidation as leases near expiry.

Financial highlights

• Rental income for the period was £86.99m, down from £89.89m year-over-year.

• Net profit for the period was £6.57m, compared to a loss of £3.25m in the prior year.

• Earnings per share were 2.52 pence, up from a loss of 1.07 pence per share year-over-year.

• Net asset value per share was 107.39 pence, down from 112.74 pence at 31 March 2025.

• Dividends of 4.00 pence per share were paid during the period.

Outlook and guidance

• Preparations are underway for the redelivery or potential sale of the first two A380s as leases expire in 2026.

• Emirates' future fleet plans and negotiations will impact asset values and shareholder returns.

• Thai Airways' lease extensions and rent resets in 2029, along with debt refinancing, are key future considerations.